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The Crypto Daily – The Movers and Shakers 31/07/19

Bob Mason

Bitcoin gained 0.90% on Tuesday. Reversing a 0.13% fall from Monday, Bitcoin ended the day at $9,589.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $9,380 before finding support.

Steering clear of the first major support level at $9,343, Bitcoin rallied to an early afternoon intraday high $9,747.8.

Bitcoin broke through the first major resistance level at $9,704.63 to come up against the 38.2% FIB of $9,734.

Bitcoin fell back to $9,520 levels before a late move back through to $9,580 levels.

Whilst finding support on the day, Bitcoin’s looking at a loss for the month of July. For the current month to the end of Tuesday, Bitcoin was down by 11.21%.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was another mixed bag for the majors on the day. Bitcoin Cash ABC led the way on the day, rallying by 5.95%.

Ripple’s XRP and Stellar’s Lumen also saw solid gains on the day, rising by 2.8% and 2.25% respectively.

Binance Coin (+0.19%), Litecoin (+0.08%) and EOS (+0.02%) also managed close out the day in the green.

Bucking the trend on the day were Ethereum and Bitcoin Cash SV, which fell by 0.41% and by 0.26% respectively.

In spite of the mixed day, it’s been a particularly bearish month for the crypto majors.

For the current month through to the end of Tuesday, Tron’s TRX led the way down, sliding by 30.5%.

Ethereum (-27.66), EOS (-27.14%), Litecoin (-25.98%) and Bitcoin Cash SV (-24.52%) also saw particularly heavy losses.

For the month, Binance Coin (-15.2%), Bitcoin Cash ABC (-19%), Ripple’s XRP (-19.2%), and Stellar’s Lumen (19.78%) saw the most modest losses going into the final day of the month.

This Morning

At the time of writing, Bitcoin was up by 1.54% to $9,736.6. A bullish start to the day saw Bitcoin rally to an early morning low $9,575.5 to a high $9,862.1.

Bitcoin broke through the 38.2% FIB of $9,734 and first major resistance level at $9,764.53 before easing back.

Elsewhere, Bitcoin Cash ABC (+2.79%), Litecoin (+2.52%) and Binance Coin (+2.33%) also saw solid gains early on.

Bucking the trend through the morning, however, was Stellar’s Lumen, which was down by 0.32%.

For the Bitcoin Day Ahead

A hold above $9,580 levels through the morning would support another move through the 38.2% FIB of $9,734.

Bitcoin would need the support of the broader market, however, to take a run at the first major resistance level at $9,764.53.

In the event of a broad-based crypto rally, the second major resistance level at $9,940.07 could come into play.

Failure to hold above $9,580 levels could see Bitcoin take a tumble. A fall through this morning’s low $9,757.5 to $9,600 levels would bring the first major support level at $9,343.03 into play.

Barring a crypto meltdown, Bitcoin should steer clear of sub-$9,000 support levels on the day.

This article was originally posted on FX Empire

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